One of the most powerful keys to getting the best salary is believing that your contributions are worth it. Sometimes, we move along in our career paths without intentionally planning or taking the time to reflect and develop. The downside of that is that we may settle and lose the confidence to attract more. A recent survey found that only 39% negotiated their last job offer, and among people in the 27 U.S. cities surveyed, those in New York (55%), Dallas (51%) and San Francisco (50%) were most likely to negotiate.
Money certainly isn’t everything and it’s an extrinsic motivator, which doesn’t tend to keep us fulfilled for long. However, it allows us to cater to our material needs and wants, so the fear of not having enough is understandable if you’re making a career change. If you want to get the best possible salary, know that basic market economics, like supply and demand, has one of the most common salary impacts. Below are some other elements that make up great bargaining power. After we’ve talked about them, I’ll share ways to increase your chances of getting a better salary.
A strong performance track record
Unique skills and experiences
The advocacy and support of an influential person
In-depth knowledge of the organization’s culture or processes
Flexibility around how, when and where you work
A known reputation in the field
Years of experience
Education and training
Boost your power
Identify two things from the list and focus on boosting your bargaining power. You’ll want to show how whatever you’re using helped to accomplish results like the ones below.
Contributing to the company culture
Contributing to corporate social impact
Boosting employee morale
Generating revenue or saving money
Do a market value assessment to give you a baseline
Here are some non-industry specific tools for you to use.
1. The U.S. Bureau of Labor Statistics shares wage data by occupation. It breaks down stats by region and state.
2. Glassdoor offers user-generated salary reports based on your search terms. The Know Your Worth calculator estimates how much you could earn in today’s job market.
3. LinkedIn Salary Insights is a resource that provides a detailed breakdown of salary ranges by job and location.
4. Paysa Salaries allows you to search for salaries based on companies, jobs and locations. You can also get a personalized salary report card and compare your current market value based on people with similar experiences.
5. Payscale gives you the ability to determine a salary range by going through a series of questions.
6. Salary.com allows you to use your education, experience and location to browse salaries based on the most popular jobs, companies and skills.
Pick your words and negotiation phrases wisely
Here are a few:
1. Based on results achieved in the past, would you be open to having me show you a more efficient way to do X?
2. If I could produce X results within (insert time frame), would you be comfortable entering into (state what you want)?
3. Based on my research, the salary range for (position title) in this (industry title and area) is $XYZ. Is there something like (give two examples of things you’d like) you believe you could provide that might incentivize me to accept the role for less than the mentioned rate?
If negotiating a higher salary doesn’t work, here are three ways to ask for more money:
• A signing bonus
• A moving bonus
• Coverage for everyday travel costs, equipment or offsetting childcare costs
Beyond money, there are many other non-financial negotiables. You just need to be clear on your values and goals, so you know what to ask for and get what you deserve. Why settle?